Pan American Silver Corp
Pan American Silver Corp
is a Canada-based mining company engaged in exploration, development, and acquisition of silver mines in the Americas. Its main product, silver, makes up about half of the total revenue. The Company also mines gold, zinc, lead, and copper. The company’s shares are listed under the symbol PAA on the Toronto Stock Exchange, with an average of 175,000 common shares daily, and under PAAS on the Nasdaq Stock Market, with 1.1 million common shares daily. The main task of Pan American Silver Corp’s team of professionals is the successful implementation of the company’s strategy which aims to turn Pan American into the world’s largest and lowest cost primary silver producer.
The company was established in1994 and started its activity with a price of 10 cents per share. The followed years were marked by the acquisition and development of several silver-rich deposits. In Feb 2005, Pan American joined Philadelphia Gold and Silver Sector Index, known as the XAU, and became the only silver mining company
ever included on its list. Since its incorporation, the company has consistently increased its annual production. In 2007 and 2008, the miner totaled 17.1 million ounces and 18.7 million ounces of silver. The company reported a record production growth for the first half of 2009.
Pan American’s continuous success is the result of efficient operation and expansion of its existing assets and an aggressive exploration, development, and acquisition program. At present, the company owns seven operating mines located in Latin America’s richest silver-producing countries, namely Mexico, Peru, and Bolivia.
The most important mines are Alamo Dorado and La Colorada properties in Mexico. Alamo Dorado is Pan American’s first open-pit mine while La Colorada is its purest silver mine.
Among the Peruvian properties of the company, worth mentioning are Quiruvilca mine, Huaron mine, and Morococha mine. Quiruvilca has been in operation for more than 80 years. The mining property has been exploited by Pan American since 1995. The site covers an area of 3,566 hectares.
Huarón is located in Peru’s richest silver region and covers 63,822 hectares. Morococha is an underground, polymetallic mining property. With 110sq.m of concessions, the site is one of the most prospective Pan American’s mines. The San Vicente silver-zinc underground mine, with a newly constructed 750tpd processing facility, is the company’s only mining site in Bolivia. The newest mining interest of the company, Manantial Espejo mine in Santa Cruz, Argentina, commenced operations in the end of 2008. The silver-gold
property spreads over 25,533 hectares.
Pan American also owns investment properties in the USA. Two silver deposits, Waterloo and Hog Heaven, were acquired in 1994 and 1995. The trend is to increase the company’s production in case that the silver prices raise.
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